Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Units Wayne Enterprises uses a perpetual inventory system. For 2021 they have the following data: Activity Purchase Price (per unit) Sale Price (per unit)
Units Wayne Enterprises uses a perpetual inventory system. For 2021 they have the following data: Activity Purchase Price (per unit) Sale Price (per unit) 2021 Beginning inventory 200 $9 Purchase 1, Feb. 15 300 11 Sale 1, Mar. 10 320 $25 Purchase 2, Sept. 15 500 12 Sale 2, Nov. 3 550 25 Purchase 3, Dec. 20 150 13 DO NOT ROUND INTERIM CALCULATIONS, PLEASE ROUND FINAL VALUES TO THE NE WHOLE DOLLAR AMOUNT. THANK YOU! Required: Assuming Wayne Enterprises uses a perpetual inventory system; Round final dollar value 1. Compute cost of goods sold and the cost of ending inventory, using FIFO. 2021 Cost of Goods Sold FIFO $ Cost of ending inventory $ 2. Compute cost of goods sold and the cost of ending inventory, using the weighted average (W/A) method. 2021 Cost of Goods Sold W/A S Cost of ending inventory S
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started